Olive Resource Capital Announces April 30, 2024 NAV of C$0.063 per Share
On May 14, 2024, Olive Resource Capital announced its unaudited Net Asset Value (NAV) per share for April 30, 2024, at C$0.063. This is a decrease of just under 2% from the previous month due to the Nevada Zinc equity being marked to zero. As of March 31, the company's share price was C$0.025. The NAV comprises various investments, including Black Sheep Income Corp. and Guided Therapeutics Inc., with total assets valued at C$6,832,889. Olive repurchased 500,000 shares in April through its Normal Course Issuer Bid (NCIB) at an average price of C$0.025 per share, holding 1,000,000 shares pending cancellation. The company has 109,174,709 common shares outstanding. The NAV is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP metrics.
- NAV per share for April 30, 2024, is C$0.063.
- Total assets valued at C$6,832,889.
- The share price at the end of March was C$0.025.
- 500,000 shares repurchased in April at C$0.025 per share.
- 1,000,000 shares held in treasury pending cancellation.
- NAV per share declined by just under 2% from the previous month.
- Nevada Zinc equity marked to zero due to a Cease Trade Order.
- Nevada Zinc stock halted with no clear path to rectify the situation.
- Multiple offers to inject new capital into Nevada Zinc were not accepted.
Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Company") is pleased to provide investors an updated, unaudited Net Asset Value ("NAV") per share. Management has estimated the NAV of the Company at C
Table 1: Olive NAV Breakdown
| Name | Ticker | Value | Value per Share |
| Black Sheep Income Corp. | Private | | 0.012 |
| Guided Therapeutics Inc. | Private | | 0.003 |
| Working Capital (1) and Liquid Investments (2) | | 0.026 | |
| Other Public Equity Investments | | 0.014 | |
| Other Private Equity Investments | | 0.007 | |
| Other Merchant Banking Investments | | 0.001 | |
| Total | | 0.063 |
- Working Capital is calculated as cash, adjusted for management's estimate for known liabilities and is subject to change with future estimates or financial reports.
- Olive defines Liquid Investments as investments whose position can be liquidated in less than one day's average trading volume for that security.
Samuel Pelaez, the Company's President, CEO, CIO, and Director stated: "Commodities continued their rally in April, led by copper and gold which benefit from investment and speculative purchases in China. Stocks of major commodity producers continued to perform well. The junior resource complex, which had trailed its larger counterparts, finally posted positive and comparable performance to that larger complex. Olive continued to deploy capital into the junior resource space expecting the sector to catch up to its larger peers."
Derek Macpherson, Executive Chairman stated: "Despite both our liquid and fundamental portfolio's being up month-over-month, Olive's NAV per share was down just under
Investment in Nevada Zinc
The Company has elected to reduce the carrying value of its equity investment in Nevada Zinc to zero because Nevada Zinc has received a Cease Trade Order for failing to file its year-end 2023 audited financials. The Nevada Zinc stock has been halted, and there appears to be no clear path to rectify the situation. Olive has made multiple offers to inject new capital into Nevada Zinc over the last year, none of which were accepted.
Normal Course Issuer Bid ("NCIB")
During the month of April, the Company repurchased 500,000 shares at an average price of
As of the date of this release Olive Resource Capital Inc. has 109,174,709 common shares outstanding.
Use of Non-GAAP Financial Measures:
This press release contains references to NAV or "net asset value per share" which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in the Company's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding the Company's performance, and may assist in the evaluation of the Company's business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the Company is not necessarily predictive of the Company's future performance or the NAV of the Company as at any future date.
About Olive Resource Capital Inc.:
Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The Company's assets consist primarily of investments in natural resource companies in all stages of development.
For further information, please contact:
Derek Macpherson, Executive Chairman at derek@olive-resource.com or by phone at (416)294-6713 or Samuel Pelaez, President, CEO & CIO at sam@olive-resource.com or by phone at (202)677-8513. Olive's website is located at www.olive-resource.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should", "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-Looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Olive believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and those risks set out in the Company's public documents filed on SEDAR. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209103
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